Prospective tenants looking for a place to rent to operate businesses can consider Komtar Walk as three food and beverages (F&B) lots are available for rental.

Penang Development Corporation (PDC) chief executive officer Aziz Bakar revealed that four out of the seven F&B lots have been snapped up by tenants.

“The remaining three units are 460sq ft in size and the rental rate is RM1,840 per month. We welcome prospective tenants who are interested to operate their businesses here.

“Komtar Walk has been enhanced with its facilities and is now equipped with 59 car park lots as well as 40 motorcycle lots.

“Along with that, there are also pick-up and drop-off points at the Jalan Dr Lim Chwee Leong (main road) which will be convenient for the tourist buses,” Aziz said during a press conference held at the Komtar Walk today.

Aziz said the F&B outlets would be ready to operate in July or August this year.

Meanwhile, PDC Setia Urus Sdn Bhd chief executive officer Ahmad Zuhairi Ismail said all these F&B outlets comprise both halal and non-halal food operators.

“We will be also having an outdoor dining seating arrangement for the outlets.

“Apart from the F&B outlets, there will be family activities held along the open space at the Komtar Walk.

“We will be working closely with the Top Penang as it is a prominent spot for entertainment,” he added.

Also present was Komtar assemblyman Teh Lai Heng.

Interested tenants can contact PDC Setia Urus Sdn Bhd at 04-2623705.

Source: Buletin Mutiara

Penangites will be able to experience the new Esplanade with the completion of its seawall upgrading project.

Penang Island City Council (MBPP) secretary A. Rajendran said the RM14mil Esplanade seawall upgrading project has been completed and will be launched on Friday (May 13).

“The project has been completed,” he said in a Whatsapp text message to The Star.

Rajendran said Chief Minister Chow Kon Yeow will also be having a press conference at the site soon.

The seawall upgrading project involves a stretch of 460m from Medan Renong food court to the Royal Malaysian Naval Base.

It is one of 14 projects under the RM140mil North Seafront Masterplan that starts from Dewan Sri Pinang to Fort Cornwallis and the entrance to Swettenham Pier.

The project is funded by MBPP and supported by the George Town Conservation and Development Corporation (GTCDC), a partnership between the Penang government and Think City.

The corporation has been formed to spearhead the rejuvenation and restoration of select public assets in the heritage site.

It is meant to enhance the appeal and value of key monuments and public open spaces, and demonstrate the value of culture-based urban regeneration in creating a sustainable heritage city.

To date, among the 14 major initiatives completed are the restoration of Koh Seang Tatt Fountain Garden, improvements to Lebuh Light streetscape, upgrading of Esplanade field subsoil system and numerous planning documents produced to assist with the physical implementation.

Source: TheStar.com.my

Bank Negara Malaysia’s Monetary Policy Committee (MPC) has decided to increase the overnight policy rate (OPR) by 25 basis points (bps) to 2.00 per cent.

The central bank said the ceiling and floor rates of the corridor of the OPR are correspondingly increased to 2.25 per cent and 1.75 per cent, respectively.

“The sustained reopening of the global economy and the improvement in labour market conditions continue to support the recovery of economic activity.

“These have partly cushioned the impact of the military conflict in Ukraine and the strict containment measures in China,” Bank Negara said in a statement today.

The central bank said that over the course of the Covid-19 crisis, the OPR was reduced by a cumulative 125bps to a historic low of 1.75 per cent to support the economy.

The unprecedented conditions that necessitated such actions have since abated.

With the domestic growth on a firmer footing, the MPC decided to reduce the degree of monetary accommodation.

This will be done in a measured and gradual manner, ensuring that monetary policy remains accommodative to support sustainable economic growth in an environment of price stability.

Bank Negara said inflationary pressures had increased sharply due to a rise in commodity prices, strained supply chains and strong demand conditions, particularly in the US.

Consequently, several central banks are expected to adjust their monetary policy settings faster to reduce inflationary pressures.

Bank Negara noted that the global growth outlook would continue to be affected by the developments surrounding the conflict in Ukraine, Covid-19, global supply chain conditions, commodity price shocks, and financial market volatility.

Meanwhile, Bank Negara said for the Malaysian economy, the latest indicators show that growth is on a firmer footing, driven by strengthening domestic demand amid sustained export growth.

The labour market is further lifted by a lower unemployment rate, higher labour participation and better income prospects.

“The transition to endemicity on April 1, 2022, would strengthen economic activity, in line with further easing of restrictions and the reopening of international borders,” it said.

Bank Negara said headline inflation is projected to average between 2.2 per cent and 3.2 per cent in 2022.

“Given the improvement in economic activity amid lingering cost pressures, underlying inflation, as measured by core inflation, is expected to trend higher to average between 2.0 per cent – 3.0 per cent in 2022.

“Nevertheless, upward pressure on prices would be partly contained by existing price controls and the continued spare capacity in the economy,” it said.

Bank Negara added that the inflation outlook continues to be subject to global commodity price developments, arising mainly from the ongoing military conflict in Ukraine and prolonged supply-related disruptions and domestic policy measures on administered prices.

Source: NST Online

To lower the cost of a house, the government and state authorities need to cut red tape and fees associated with housing developments.

National Housing Buyers Association (HBA) honorary secretary-general Datuk Chang Kim Loong said cutting bureaucracy by 50% would help developers bring down costs.

He said whatever extended time developers take in getting approvals would translate to holding costs that would eventually be factored into the sales price, that is passed on to house buyers.

“What happened in Ukraine was unforeseen and beyond our control. But what is within control is reducing red tape and expediting projects. Otherwise, it would increase the cost for buyers.

“Some of the approvals take years. If we can cut it by half, developers can offer a better price,” he said.

Chang was responding to a new framework that will be set up by the National Affordable Housing Council to address the increasing cost of construction.

He said the build-then-sell concept would be more beneficial to the B40 and M40 groups, as it is effective in reducing abandoned projects.

He also questioned the need for more new projects as there are currently plenty of empty units in the city.

Penang Rehda chairman Tan Hun Beng echoed Chang’s view on the need to cut red tape to keep costs down.

“Not only red tape should be cut, but also other costs associated with housing development such as fees paid to the government. For example, when a developer wants to convert agricultural land to housing, there is a hefty premium involved.

“To top this off, different states have different formulas in calculating the conversion premium that needs to be paid.”

Tan said when a developer submits a change of title use application, it could take several months in some states and up to a year in others. He pointed out that all this adds to the holding cost for the developer.

He said a developer would have to take a bank loan while waiting for the conversion title. In the process, the developer will have to pay interest on the loan, which will add to the project cost.

“If the authorities can cut down on the waiting time and fees, it would help bring down the cost of a house.”

He said all developers are businessmen, and they need to make a profit. But this is not huge for housing projects.

Tan added that because housing development is a competitive business, no developer would price houses above what the people can afford as nobody would buy them.

“Time is money from the point of financing and for a developer, the faster the approval, the cheaper the house,” said Tan, adding that the government needs to cut the red tape and fees if it wants houses to be sold at a lower price.

Source: TheSunDaily.my

About Garden Superlink II @ Jesselton Hills

The second phase of Garden Homes Collection in Jesselton Hills, Alma by Wing Tai Asia. It comprises 75 units of two-storey superlink homes with extended size up to 26ft wide, surrounded by lush greenery and wholesome recreational amenities. The residential enclave is strategically located close to comprehensive public amenities for commercial and leisure.

(Photos taken in April 2022)

Find out more about Garden Superlink II @ Jesselton Hills